The mail order pharmacy docmorris generated more sales in the first half of 2025, but continued to write red numbers.
The growth in the e-recipe in Germany was particularly pronounced. However, analysts had expected more. The outlook for the overall year was confirmed. In the first six months, sales rose by 7.9 percent to CHF 572.1 million (EUR 607 million). In local currencies, growth was 10.2 percent, as DocMorris announced on Tuesday. In Germany, the company implemented CHF 538.6 million, which is 8.2 percent more than in the previous year. The significantly smaller European business rose by 3.5 percent to CHF 33.5 million.
The adjustment before interest, taxes and depreciation amounted to minus 28.8 million after minus CHF 20.1 million in the previous year. The bottom line was a loss of 61.6 million (previous year -37.9 million). The analysts’ expectations were thus missed in sales. The operational loss (adj. EBITDA) and the loss of pure was somewhat higher than expected.
E-recipe growth somewhat under expectations
However, the market is currently particularly payable attention to the development in business with prescription e-recipes. Here the group, based in Thurgau, increased sales by 40.5 percent to CHF 109.7 million – in local currencies this was 43.5 percent. However, analysts had expected a little more here in advance.
From the first to the second quarter, an additional plus of 4.6 percent resulted in local currencies. Docmorris expects further acceleration over the course of the year, supported by fuller shopping baskets and recruited rates. The judgment of the German Federal Court of Justice also provides tailwind, which allows the recipe bonus and thus strengthen the competitive position.
The company justifies the high losses with high flow costs for marketing (TV campaign). At the same time, management refers to a structural improvement in the second quarter, which is said to continue in the second half of the year.
Annual targets confirmed
For the current year, DocMorris confirms the forecast of sales growth of over 10 percent. Adjusted EBITDA is still expected between -35 million francs.
The medium-term goals were also confirmed: annual growth rates in terms of sales of around 20 percent and an EBITDA margin of around 8 percent.
This is how the stock reacts
The stocks of the online pharmacy DocMorris temporarily lost on Tuesday after the half-year numbers. Finally, on the Swiss SIX exchange, they showed themselves to 7.13 francs with a discount from 7.05 percent. A return to the annual low of CHF 6.20 threatens. The recently hardly changed papers of the competitor Redcare Pharmacy were less impressed in the German MDAX.
The analysts of UBS and Baader Bank pointed out the weaker business development towards Redcare in particular. Current-adjusted the growth of sales with a good 10 percent worse than the 27 percent of Redcare, Baader expert Volker Bosse stated. In the recipe business, Docmorris in Germany has grown by 40 percent, but Redcare has been 160 percent.
The ZKB also commented critically. Despite increased marketing expenditure, the contribution contribution of new customers for prescription products remained unchanged in the second quarter in the second quarter. There could therefore be no talk of an acceleration.
Redcare reported on the first half of the year at the end of July. The papers recently fell back 19 percent from the intermediate high at 114 euros. The shares are in the minus over the year. Meanwhile, DocMorris have lost about two thirds of value.
Steckborn (dpa-Afx) / Zurich (dpa-Afx broker)